Fidelity CC vs. Current Portfolio

[AAstra]

General Question: My portfolio is in my signature - I love the BCE, Freedom and IT. I've had the Sears and Barclaycard in the sock drawer for awhile now and only use them about twice a year to keep them open (they are my oldest cards).

I've had the Venture for about a year now and have really grown to regret applying for it. It is my biggest limit and has the mileage rewards but I've given it some thought and realize that I should have went for the Fidelity card. I already have a Fidelity account, the 2% is better than the 1.25% Venture gives me and I'm not using the mileage rewards as I thought I would. So far, the only benefit of the Venture card has been the 0% introductory APR period.

So, if I wanted to app for the Fidelity card and replace my Venture (general use) with the Fidelity card, does anyone see this as a bad idea? I hate that I would have such a large limit with the Venture going completely unused and I don't like that I would be adding another card to the sock drawer...just not a fan of having open credit that isn't being used. Those are really my only two reservations. Would I be likely to see AA from Cap One for not using the card and would I be better off just closing the card?

Cheers all!

[kdm31091]

Capital One isn't known for AA, although they can and have done it. You would probably be fine to just SD the card, but if you're sure you aren't going to benefit from it, there isn't much point. I'd just close it if you don't plan to use it.

Fidelity is certainly a solid 2% offering and makes sense if you use them anyway.

Also, I'm not telling you to just dump your oldest cards, but you don't need to rely too much on the "oldest cards" thing. Whether open or closed, they will remain on your report for 10 years and by then your other cards are 10 years older. So there is really no reason to hang on to worthless cards IMO. Not to say there is zero impact but it's hard to judge an impact 10 years out and it may well be minimal.

[UncleB]

FWIW, I've never read of Capital One taking AA on someone for non-use (or really much else, to be honest - they're really laid-back). 

I'll just add that if you plan to SD the card, I would have it PC'd to a Quicksilver so there won't be an AF. 

[Anonymous]

You can close it if you want.  You could also get a CLD if that benefits you.  Does your venture have the AF?  If so it is not really a good card for the sock drawer. 

[Creditplz]

I went over my CL 300% and had no AA... I paid it in full the week after. If your not going to benefit from miles then Fidelity VS is good because of the 2%. You can try PC to a QS with no AF?.

[wasCB14]

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@UncleB wrote:

FWIW, I've never read of Capital One taking AA on someone for non-use (or really much else, to be honest - they're really laid-back). 

I'll just add that if you plan to SD the card, I would have it PC'd to a Quicksilver so there won't be an AF. 

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OP mentions a 1.25% "miles" earn rate, so it's more likely a VentureOne, which means no AF.

Although, once the miles are used up, a PC to QS would still offer better rewards.

[UncleB]

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@wasCB14 wrote:

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@UncleB wrote:

FWIW, I've never read of Capital One taking AA on someone for non-use (or really much else, to be honest - they're really laid-back). 

I'll just add that if you plan to SD the card, I would have it PC'd to a Quicksilver so there won't be an AF. 

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OP mentions a 1.25% "miles" earn rate, so it's more likely a VentureOne, which means no AF.

Although, once the miles are used up, a PC to QS would still offer better rewards.

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Nice catch... I over-looked that before. 

[Sharingan]

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@dbutz1109 wrote:

General Question: My portfolio is in my signature - I love the BCE, Freedom and IT. I've had the Sears and Barclaycard in the sock drawer for awhile now and only use them about twice a year to keep them open (they are my oldest cards).

I've had the Venture for about a year now and have really grown to regret applying for it. It is my biggest limit and has the mileage rewards but I've given it some thought and realize that I should have went for the Fidelity card. I already have a Fidelity account, the 2% is better than the 1.25% Venture gives me and I'm not using the mileage rewards as I thought I would. So far, the only benefit of the Venture card has been the 0% introductory APR period.

So, if I wanted to app for the Fidelity card and replace my Venture (general use) with the Fidelity card, does anyone see this as a bad idea? I hate that I would have such a large limit with the Venture going completely unused and I don't like that I would be adding another card to the sock drawer...just not a fan of having open credit that isn't being used. Those are really my only two reservations. Would I be likely to see AA from Cap One for not using the card and would I be better off just closing the card?

Cheers all!

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My advice to you, with much consideration given to your second and third paragraphs, would be to definitely apply for the Fidelity Visa Signature, and upon approval for it, immediately close the Capital One VentueOne. I have to admit that I am somewhat biased against the VentureOne because I undoubtedly believe that it is one of, if not solely, the weakest rewards card in Capital One's product lineup. I just don't see the card's purpose when there is a Quicksilver, unless it's for the introductory/welcome offers. I'm not even going to suggest PC'ing it to anything because the Fidelity card is indisputably (in my opinion) better than anything Capital One could offer you. This would be a very easy decision for me. 

[jeffery581]

I am going to check out the fidelity card when I am done gardening. It looks like you can invest your rewards. Might be a really good card. If its still around in 2 years.

[Anonymous]

My advice to you, with much consideration given to your second and third paragraphs, would be to definitely apply for the Fidelity Visa Signature, and upon approval for it, immediately close the Capital One VentueOne. I have to admit that I am somewhat biased against the VentureOne because I undoubtedly believe that it is one of, if not solely, the weakest rewards card in Capital One's product lineup. I just don't see the card's purpose when there is a Quicksilver, unless it's for the introductory/welcome offers. I'm not even going to suggest PC'ing it to anything because the Fidelity card is indisputably (in my opinion) better than anything Capital One could offer you. This would be a very easy decision for me. 

I agree with most of this, VentureOne seems to have no good purpose outside intro offers.  However, there are cases where say a QS may be better than the Fidelity card:   If uncategorized spending is small, it may take a long time to get the $50 minimum redemption required.  It also has a 1% FTF fee whereas the QS has none